What?Court dismisses Dana Group’s bid to stop assets’ take over

                    The Federal High Court in Lagos on Tuesday dismissed an application by Dana Group of Companies Plc seeking to restrain Sterling Bank Plc from enforcing court orders on the management of the company’s assets.
                     The bank had appointed Mr. Kunle Ogunba (SAN) as receiver/manager over Dana Group following the company’s alleged inability to pay its debt to it.
But Dana had sought an order of injunction restraining the bank from enforcing or executing any of the interlocutory orders made by Justice James Tsoho on November 11, last year, pending the determination of its appeal.
It also sought to restrain the police and
other security agencies from enforcing the orders, as well as an order staying their execution.
Dana Group said if the Sterling is allowed to execute the orders, “the over 5,000 staff of the defendant/applicant will be out of job, the business of the defendant/applicant will be irredeemably damaged and the defendant/applicant will become extinct.”
Justice Tsoho had made interlocutory orders which allowed the receiver/manager to carry out his duties of managing Dana Group’s assets unhindered.
Sterling Bank, through Ogunba, argued that Dana Group’s notice of appeal does not raise any substantial issue of law deserving the court’s exercise of discretion.
“In line with the orders of this honourable court, the plaintiff executed the said order in company of some policemen so as to enable the receiver/manager carry out his duties unhindered and/or unimpeded in accordance with the interlocutory orders of this Honourable Court,” Sterling said.
The bank said despite executing the receivership orders, the defendant through its representatives carted away over 100 cars which are part of the assets under the control of the receiver/manager.
Besides, Sterling Bank said Dana Group has allegedly turned down its overtures for a meeting with its receiver/manager over the company’s management.
It, therefore, urged the court to dismiss the application.
Ruling, Justice Tsoho held that Dana Group’s application is without merit. “The application is unfounded and is hereby refused,” he said.
He said what Dana was asking him to do, in effect, was to reverse an already completed action.